Dublin, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The "HR Payroll Software Market By Component, By Deployment Mode, By Organization size, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the HR payroll software market was valued at $23.55 billion in 2021, and is estimated to reach $55.69 billion by 2031, growing at a CAGR of 9.16% from 2022 to 2031.
The HR payroll software is used to manage all the employees' financial records in a standard and automated way. It manages employees' salaries, deductions, net pay, bonuses, generates pay-slips, and other conveyances. By automating employee or faculty management and payroll processing, HR payroll software reduces the hassles of managing vast amounts of data. In addition, it streamlines all the payroll-related processes and allows the administrator to pay on-time & accurate amounts of salary to all the employees or staffs.
This software provides benefits such as salary calculation & processing, provident fund (PF), and income tax calculation. In addition, it saves money & time and allows the organization to execute multiple tasks at the same time. Furthermore, it allows efficient and fast processing of financial transaction. Moreover, it eliminates manual process and improves accuracy & productivity by reduction of approval process. In addition, the HR payroll software provides industries with flexibility and scalability to enable a smooth integration of business processes, which ultimately support the market growth.
Factors such as surge in demand for cloud-based HR payroll software and rise in adoption of innovative technology increase business productivity, thus drive the growth of the market. In addition, surge in automation of HR processes, for providing greater efficiency, strengthens the market growth. Furthermore, increase in investment for AI-oriented HR payroll software and rise in adoption of app-based HR payroll software are expected to provide the lucrative growth opportunities for the market in the upcoming years. However, data security & privacy concerns and shortage of payroll professional hamper the market growth.
The HR payroll software market is segmented into component, deployment mode, organization size, industry vertical, and region. By component, it is bifurcated into software and services. On the basis of deployment mode, it is segregated into cloud and on-premises. Depending on industry vertical, it is segregated into BFSI, retail, manufacturing, transportation & logistics, healthcare, IT & telecom, and others. By organization size, it is categorized into small to medium enterprise (SMEs) and large-scale enterprise. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the HR payroll software market, include ADP, LLC, Ascentis Corporation, Cornerstone OnDemand, Inc., Epicore Software, Oracle Corporation, Patriot software, Paycom software inc., Sage Plc, SAP SE and SumTotal Systems, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the HR payroll software market globally.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the HR payroll software market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the HR payroll software market size is provided.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the global HR payroll software market.
- The quantitative analysis of the HR payroll software market from 2021 to 2031 is provided to determine the HR payroll software market potential.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter's five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Regulatory Guidelines
CHAPTER 4: HR PAYROLL SOFTWARE MARKET, BY COMPONENT
4.1 Overview
4.1.1 Market size and forecast
4.2 Software
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Services
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: HR PAYROLL SOFTWARE MARKET, BY DEPLOYMENT MODE
5.1 Overview
5.1.1 Market size and forecast
5.2 On-Premises
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Cloud
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
CHAPTER 6: HR PAYROLL SOFTWARE MARKET, BY ORGANIZATION SIZE
6.1 Overview
6.1.1 Market size and forecast
6.2 Large Enterprises
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 SMEs
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
CHAPTER 7: HR PAYROLL SOFTWARE MARKET, BY INDUSTRY VERTICAL
7.1 Overview
7.1.1 Market size and forecast
7.2 BFSI
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 Retail
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
7.4 Manufacturing
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market analysis by country
7.5 Transportation and Logistics
7.5.1 Key market trends, growth factors and opportunities
7.5.2 Market size and forecast, by region
7.5.3 Market analysis by country
7.6 IT and Telecom
7.6.1 Key market trends, growth factors and opportunities
7.6.2 Market size and forecast, by region
7.6.3 Market analysis by country
7.7 Healthcare
7.7.1 Key market trends, growth factors and opportunities
7.7.2 Market size and forecast, by region
7.7.3 Market analysis by country
7.8 Others
7.8.1 Key market trends, growth factors and opportunities
7.8.2 Market size and forecast, by region
7.8.3 Market analysis by country
CHAPTER 8: HR PAYROLL SOFTWARE MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Key developments
CHAPTER 10: COMPANY PROFILES
10.1 ADP, LLC
10.1.1 Company overview
10.1.2 Company snapshot
10.1.3 Operating business segments
10.1.4 Product portfolio
10.1.5 Business performance
10.1.6 Key strategic moves and developments
10.2 Ascentis Corporation
10.2.1 Company overview
10.2.2 Company snapshot
10.2.3 Operating business segments
10.2.4 Product portfolio
10.2.5 Business performance
10.2.6 Key strategic moves and developments
10.3 Cornerstone OnDemand, Inc.
10.3.1 Company overview
10.3.2 Company snapshot
10.3.3 Operating business segments
10.3.4 Product portfolio
10.3.5 Business performance
10.3.6 Key strategic moves and developments
10.4 Epicore Software
10.4.1 Company overview
10.4.2 Company snapshot
10.4.3 Operating business segments
10.4.4 Product portfolio
10.4.5 Business performance
10.4.6 Key strategic moves and developments
10.5 Oracle Corporation
10.5.1 Company overview
10.5.2 Company snapshot
10.5.3 Operating business segments
10.5.4 Product portfolio
10.5.5 Business performance
10.5.6 Key strategic moves and developments
10.6 Patriot software
10.6.1 Company overview
10.6.2 Company snapshot
10.6.3 Operating business segments
10.6.4 Product portfolio
10.6.5 Business performance
10.6.6 Key strategic moves and developments
10.7 Paycom software inc
10.7.1 Company overview
10.7.2 Company snapshot
10.7.3 Operating business segments
10.7.4 Product portfolio
10.7.5 Business performance
10.7.6 Key strategic moves and developments
10.8 Sage Plc.
10.8.1 Company overview
10.8.2 Company snapshot
10.8.3 Operating business segments
10.8.4 Product portfolio
10.8.5 Business performance
10.8.6 Key strategic moves and developments
10.9 SAP SE
10.9.1 Company overview
10.9.2 Company snapshot
10.9.3 Operating business segments
10.9.4 Product portfolio
10.9.5 Business performance
10.9.6 Key strategic moves and developments
10.10 SumTotal Systems Inc.
10.10.1 Company overview
10.10.2 Company snapshot
10.10.3 Operating business segments
10.10.4 Product portfolio
10.10.5 Business performance
10.10.6 Key strategic moves and developments
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